(Read more on the multifamily market.)

MARIETTA, GA-Atlanta-based Lane Co. and Griffin Realty Advisors have acquired the 384-unit River Heights Apartments at 3702 River Heights Crossing for $40.7 million. The seller was Waterton Associates LLC.

Located off Columns Drive, the complex borders the Chattahoochee National Forest and the Atlanta Country Club. It is one of a few rental communities in the area, and is located near Sope Creek Elementary, Dickerson Middle School and Walton High School. The complex has one-, two- and three-bedroom units, including some with dens or lofts.

The buyers are planning to conduct extensive interior and exterior renovations to the property. The renovations to the first group of apartments are expected to be completed in the first quarter 2008, with work continuing through November 2009. “River Heights is an asset in a great location and our planned renovations will greatly increase its value,” says Lane Strategic Investment president Phil Pitney, in a released statement.

Financing was provided by GE Real Estate. The equity partner is Griffin River Heights LLC.

This is the first investment Griffin has made under its value-added fund. “This property provides a good blend of income and upside appreciation for our fund, and gets us off to a great start with an experienced partner,” says Griffin Realty Advisors managing partner James Ryan, in a prepared statement.

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